Guarantor Guidelines

Guarantors - Guidelines & Responsibilities

Each borrower must have two guarantors. Your guarantors will agree to secure your student loan and repay the loan in the event that you do not. It is therefore vital that they be aware of all their obligations.

A guarantor may not be allowed to act as guarantor if any other loan he has signed with the Students' Loan Bureau is unpaid. Generally, guarantors cannot be current beneficiaries of student loans. This means that a student who receives a loan and has not finished repaying same, cannot be a guarantor for another applicant.

Guarantors must know the applicant, and plan to maintain some measure of contact in the future. This will provide assurance that the student is held accountable for repayment when the time arises.

A guarantor cannot guarantee for more than one person at a time. The only exception is in the case of parents for more than one child, this means that parents can stand as guarantors for more than one child at a time. If both parents plan to guarantee a child then a third guarantor must be found.

A guarantor must be:

(a) A Jamaican national, living in Jamaica
(b) Between 18 and 60 years old
(c) A responsible individual
(d) In Good Health
(e) Gainfully employed
(f) In Possession of a Tax Registration Number (T.R.N.)

Guarantor must produce the following documents for the interview:

a) TRN card
b) Two forms of identification taken from the list below:

     i. Driver’s Licence
     ii. National Identification
     iii. Valid Passport
     iv.Employee’s Identification
     v.Certified photographs (if any of items i - iv not available)

c) Proof of Earnings/Income Verification

     i. Letter from employer verifying income
     ii. Last three (3) salary slips
     iii. For selfemployed persons

d) Letter signed and stamped by a Justice of the Peace (JP)
e) Last six months current account bank statements
f) Bank Statement/Savings account passbook or any other savings instrument
g) Two (2) years Audited/ Inhouse Financial Statements


Please note that income verification letters must indicate gross earnings, whether weekly, monthly or annually.

PROTECTING GUARANTORS